Cabinets wants to increase excises on tobacco products

At the expense of increased excise duties on alcohol and tobacco, the Cabinet of Ministers has intent to collect 3.3 billion hryvnias in the state treasury. According to Ukrainian mass media, the money will be channeled to provide relief to floods victims.

The governmental draft law proposes to increase excise duties on tobacco products from 12.5 to 16%. The minimal price of tobacco products will grow from 8 to 18 hryvnias per thousand sticks of cigarettes without filter, and from 18 to 40 hryvnias per thousand sticks of filter-tipped cigarettes.

Serhiy Teryokhin, the chief of the Committee for Finance and Banking Activities, informed that the Committee agreed to increase excise duties on tobacco. In addition to the government’s draft law, a president’s draft of amendments to state budget was forwarded to the Verkhovna Rada.

The Head of State is categorically opposed to increasing excise duties on alcohol and tobacco.

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